I'm just wondering if anyone has a recommendation for a good property management company in Fresno. Specifically the El Dorado Park area aka Sin City. It's a 16 unit apartment building that has been severely mismanaged by the current company. I bought it in May and wanted to improve the building, making it a decent place to live, but the management company is running it like a slum. Currently at 75% occupancy and needs some work.
Recommendations on a company who can handle this complex in a bad area would be appreciated.
I'm going to have the same question in 6-12 months but if I hear anything I'll let you know. I've heard good things about Manco Abbott (www.MancoAbbott.com) for larger complexes and not sure if they deal with properties in the "rougher" areas.
I am in Fresno and would be happy to help with any legwork you need done here.
I have had pretty good experience with Regency Property Management.
Does anyone have any other suggestions? So far neither company can be bothered to return a phone call, even knowing that I'm an owner.
For anyone interested, I've been working with James Hendricks and Associates for about three months now. I can't say that I'm really happy with them. It's been three months and they haven't filled any of the units, so the building is still sitting at 9 Occupied, 7 Vacant. They've spent a lot of my money on repairs and they claim that the reason they haven't filled any of them is because the units weren't rent ready and the building needed work, but I have a hard time accepting that. They've spent about $15,000 on repairs in three months, which I understand and I want it to be a good building, I just have a hard time believing that they couldn't have filled a single unit in this time.
I would also say beware of their contract. They structure it so that it renews for another year unless you cancel within a very narrow timeframe (I think 90 day notice). They also give themselves the exclusive right to sell your property while it's under management, which is complete crap. Since the contract keeps renewing, unless I decide to sell at the right time or wait a year to sell, I would have had to let them list it. Thankfully I read the fine print and told them to take it out or I wasn't signing it, but I found it to be a deceptive business practice.
Rob, did you get rid of the previous PM when you bought the property?
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing